Posted on: 24th Nov, 2013 03:33 pm
I stopped paying on my 2nd mortgage in 7/2010. House is still underwater, so I am trying to determine what my options are (settle, or wait the full 6 years for the SOL in WA State). My question is: When does the clock start on the 6 years (from the last payment date)? Does it matter if the house hasn't been foreclosed on? The 2nd was charged off by GMAC, then transferred to Ocwen. No communication by anyone since 2011 charge off letter, and settlement offer of .20/dollar.
Hi Dianna,
As far as I know the 6 year period starts from the last payment date. If the house is foreclosed now, then the foreclosure will get reported in your credit report and then the lender may come after you for the delinquent amount.
As far as I know the 6 year period starts from the last payment date. If the house is foreclosed now, then the foreclosure will get reported in your credit report and then the lender may come after you for the delinquent amount.
Hi Dianna!
Welcome to the forums!
I agree with Adonis. If the lender forecloses the property and if the SOL period is not over, then the lender can come after you to get back his dues.
Sussane
Welcome to the forums!
I agree with Adonis. If the lender forecloses the property and if the SOL period is not over, then the lender can come after you to get back his dues.
Sussane